Teaching Kids the Fundamentals of MoneyMar 20, 2021
I don’t know about you, but I have often wondered, “How should I teach my kids about money?”
Most of us don’t know how to manage money because we were never taught the fundamentals. If you grew up anything like me (first gen American), then cash for my family meant survival. There was no thought of the future and creating wealth. The focus was always on making it and having food to eat and a place to live (survival). Understandably so our parents did what they could!
Now it’s our turn……..
It is our turn to ensure that we teach our children the fundamentals of money. We have an excellent and unique opportunity because we have so many resources at our disposal to do so.
In the simplest of forms, I taught my kids what happens when you earn a dollar. I broke it up into four different components.
- Taxes 10-15%
- Retirement 15-20%
- Savings 20-25%
- Bills 10-15%
As you can see, for most of us, these four components are not what we take into consideration right away when we earn a paycheck. We consider our take-home pay and the fact that we have a lot of bills or debt to pay.
Building wealth, retirement, or savings should never be an afterthought. It should, just like paying taxes, be one of the first nonnegotiable things we do. Once we can learn, just like teaching our children how to break the broke mentality cycle, we can feel confident about completing our financial picture.
Let’s break the cycle and teach our kids how to do better!
I hope you enjoy the video, and feel free to reach out if you would like to learn more on how to BE a Confident Money Woman!
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